Agree Realty Co. (NYSE:ADC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Agree Realty Co. (NYSE:ADCGet Free Report) have been assigned an average rating of “Moderate Buy” from the ten research firms that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $65.25.

Several brokerages have weighed in on ADC. Truist Financial lowered their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. Mizuho raised their price target on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. UBS Group began coverage on Agree Realty in a research note on Friday, May 31st. They set a “neutral” rating and a $60.00 price target for the company. BMO Capital Markets started coverage on shares of Agree Realty in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 price target on the stock. Finally, StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Monday.

Get Our Latest Report on ADC

Insider Buying and Selling

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the acquisition, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ADC. Long Pond Capital LP increased its stake in Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the last quarter. Norges Bank purchased a new position in Agree Realty in the fourth quarter valued at approximately $71,409,000. Principal Financial Group Inc. lifted its position in Agree Realty by 12.1% during the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after buying an additional 719,430 shares in the last quarter. Vanguard Group Inc. grew its stake in Agree Realty by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after buying an additional 462,828 shares during the period. Finally, Jupiter Asset Management Ltd. increased its position in shares of Agree Realty by 2,442.7% in the third quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock worth $25,828,000 after acquiring an additional 449,167 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Up 0.8 %

NYSE:ADC opened at $61.45 on Wednesday. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 2.41 and a beta of 0.56. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The stock has a fifty day moving average price of $58.25 and a two-hundred day moving average price of $58.92. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $3.00 annualized dividend and a dividend yield of 4.88%. Agree Realty’s dividend payout ratio is presently 176.47%.

About Agree Realty

(Get Free Report

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.

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Analyst Recommendations for Agree Realty (NYSE:ADC)

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